News linked to this event type.
the Binance hack incident may present opportunities for decentralized exchanges (DEXs). Each time a major sudden security breach or trust crisis occurs at a large CEX, DEXs and the entire DeFi sector experience a significant inflow of capital and development opportunities, and this time is no exception. The advantage of DEXs is that their security is guaranteed by computer science and cryptography, making them immune to social engineering attacks that could lead to trojan implantation or system compromise. DEX on-chain hard rules are enforced automatically, such as time locks and automatic circuit breakers. Even if a hacker obtains keys, they must still comply with the rules set by the smart contracts.This security incident has once again sounded the alarm of "Not your keys, not your coins." A large number of users, concerned about the security of centralized custody, will withdraw assets to personal cold wallets or on-chain non-custodial wallets. Once assets flow back on-chain, the trading, liquidity mining, and wealth management needs of these idle funds will be directly absorbed by leading DEXs such as Uniswap and Jupiter, driving a short-term surge in DEX trading volume and total value locked (TVL). (Caixin)
According to Onchain Lens monitoring, the Binance hacker group is repeatedly splitting funds across multiple wallets through automated transfers, then moving them back to previous addresses and redistributing them to new addresses in order to obscure the fund flows. Most recently, the group transferred 120 million TRX, worth approximately $38.78 million, and subsequently carried out further distribution.
Privacy blockchain Iron Fish confirmed that recent anomalous activity involving wIRON and the ChainPort cross-chain bridge originated from an inflation vulnerability within its own blockchain, rather than an issue with the cross-chain bridge itself. The vulnerability traces back to the 2019 Merkle tree implementation, which could allow the same privacy note to be double-spent. The team has submitted a patch and plans to close and archive the code repository.
Odaily reports: According to on-chain analyst Yu Jin's monitoring, over the past 2 hours, Ethena (0xB805...E890936) deposited 128.6 million ENA, worth $24.33 million, into Binance. Binance is currently buying back the stolen assets through both on-exchange and off-exchange methods to complete its Proof of Reserves (PoR); this deposit may represent Binance purchasing ENA from Ethena via OTC trading to cover the stolen asset shortfall. The amount of ENA stolen from Binance yesterday was 217.5 million.
Chainalysis data shows that as of October 29, losses from cyberattacks suspected to be linked to North Korea accounted for nearly 89% of this year's reported crypto hack losses. The average loss per attack has risen to $185.65 million, up approximately 3.7 times compared to 2021.
Bitcoin News posted on X that blockchain analytics firm Chainalysis said hackers used "offensive agentic technology" to gain unauthorized access to its internal systems and tools, resulting in the leak of customer names, email addresses, user IDs, and organizational job titles. Chainalysis stated that there is currently no evidence that passwords, multi-factor authentication (MFA) keys, session tokens, or sensitive investigation data were compromised, and said the attack is unrelated to the recent $6 billion hack suffered by Binance.
LlamaRisk disclosed that Aave is unfreezing markets frozen due to the Binance hack in four phases. The v3 frozen reserves have already been unfrozen, while hacker-held assets such as USDT and USDC cannot currently be used for new borrowings against collateral.
According to Bloomberg, US President Trump stated he is monitoring the Binance hack; when asked if it was carried out by North Korean hackers, he said, "We don't know, we are investigating."
Cantor highlighted Coinbase, Robinhood, and Strategy, expecting share prices to rebound once the panic subsides; TD Cowen believes this incident exposes Binance's own security vulnerabilities, while Compass Point stated that its liquidity is sufficient to cover the losses.
Binance has issued a second update on the security incident: it aims to restore withdrawals in phases within approximately 34 hours, has already covered around 80% of the stolen amount with equivalent tokens, will conduct the first proof of reserves snapshot within 12 hours with results to be released on November 2, and still no evidence of private key leakage has been found.
Odaily reports: Lin Han, founder and CEO of cryptocurrency trading platform Gate, has called on the crypto industry to immediately establish a security alliance to unify security standards, intrusion detection protocols, and emergency response mechanisms in order to address security incidents like the one suffered by Binance. The Binance incident involved approximately $6.3 billion in losses.Gate also proposed promoting a vault solution with split keys, distributing private keys among users, Gate, and recovery partners, so that funds can only be transferred after at least two parties are compromised; vault withdrawals would be subject to a 48-hour delay to allow users to freeze their funds.Gate stated that it has flagged the relevant hacker addresses and will freeze any illicit funds transferred to its platform. (Bitcoin.com News)
zkLink has announced a bounty program in response to the recent security incident affecting zkLink Nova, aimed at facilitating the recovery of affected funds. Security researchers or white-hat contributors who provide information that materially assists in fund recovery may receive a reward of up to 20% of the recovered amount, with specific eligibility and reward amounts to be determined by zkLink based on the value of the information provided.Additionally, if the exploiter returns all funds, they may retain 20% as a white-hat bounty, and zkLink commits not to take further legal action regarding the returned funds. Related communications can be conducted through zkLink's official X account or email.
CZ posted a response to the discussion that the Binance hack had limited impact on Bitcoin's price, stating that the $6.3 billion stolen this time is the largest in USD terms, but not in terms of Bitcoin quantity. Mt. Gox lost approximately 650,000 BTC back then, accounting for more than 5% of Bitcoin's total supply, and its impact was greater.CZ pointed out that assessing the impact of a hack also requires considering the number of affected users and the proportion of their assets damaged. In the Mt. Gox and FTX incidents, the affected users and the scale of their assets were nearly fully covered, whereas in Binance's case this time, the affected party was only the platform itself, user assets were unaffected, and the platform will bear all losses. CZ acknowledged that this incident remains a major blow to the crypto industry, to Binance, and to himself, but emphasized that Binance can survive the crisis, and that protecting users is the most important thing.
During an interview with CNBC discussing the Binance hack, CFTC Chairman Michael Selig stated that the CFTC hopes to provide a federal-level option for crypto exchanges to register with the CFTC.
Odaily report: Crypto analyst Darkfost posted that market sentiment deteriorated noticeably within a single day, with the Fear and Greed Index falling from 51 (neutral) to 30 (fear), the lowest level since mid-August. Over the same period, Bitcoin dropped about 4% to 5% within 24 hours, briefly touching a six-week low near $76,500; Ethereum fell below $2,200, and total liquidations across the market exceeded $1.6 billion in the past 24 hours.Darkfost noted that historically, periods of market pessimism often correspond to accumulation opportunities, but the current index reading of 30 only represents fear and has not yet entered the extreme fear zone below 25, suggesting market sentiment may remain under pressure. In addition, this round of decline was partly triggered by Binance's $6.3 billion hack incident and did not stem entirely from a clear deterioration in market fundamentals.
Blockchain analytics firm TRM Labs attributed the Binance hack to the North Korean hacker group TraderTraitor with high confidence, stating that approximately $6.36 billion in assets were withdrawn from Binance wallets across 10 blockchains.
According to market news, the U.S. Secret Service stated that investigators are collaborating with private sector partners, including Circle, to identify, freeze, trace, and recover funds stolen from Binance.
Odaily reports: Binance co-CEO He Yi said in a video posted on X that the affected assets in the hacking incident totaled $6.3 billion, of which $3 billion was frozen with the help of industry participants. Withdrawals are expected to reopen in the next 42 hours; withdrawals were previously suspended to ensure the entire environment was uncontaminated. In addition to rebuilding a secure environment, the pursuit of the hackers will not be abandoned, and the investigation will be carried through to the end.
Bonk Guy posted that although Bitcoin has further dropped from around $79,000 to near $77,000, most altcoins have shown relatively strong resilience against Bitcoin. While some tokens also declined, the drops were relatively limited. Binance appears to have bought back most of the tokens sold off during the hack incident, and approximately $3 billion in assets have been frozen and are expected to be returned. Of the $6.3 billion in losses involved in this incident, about half has been frozen, and the remaining portion may also be recovered within a reasonably short timeframe.Bonk Guy expects that Bitcoin may decline further and form a阶段性 low, but most of the selling pressure on altcoins may have already been released. Market conditions could improve over the coming weeks to months, and he believes it is currently more suitable to go long on altcoins, buying in batches during pullbacks.
Ansem cited the liquidation event on October 10, 2025, as an example, noting that at the time altcoins plummeted within a single candlestick, while BTC held above $100,000 for several weeks, only making a noticeably lower low until November. He believes the smaller immediate drop in BTC is due to fewer high-leverage participants and more passive selling pressure, which does not signal that the downward trend will not continue.